Azerbaijan Risk Professionals Association (ARPA) and audit consulting company MAK Azerbaijan Ltd will jointly support the formation and development of a risk management culture in Azerbaijan. Yesterday they signed a five-year cooperation agreement between the two organizations.
According to the document, the parties will develop and implement a national program of risk management. The agenda also includes holding of regular joint forums, conferences and meetings of "round tables" on risks. Also planned is joint research and risk analysis.
This is not the first fruits of partnership between the two organizations this year - on 23 October, a joint presentation took place on the management of a variety of risks of local businesses, including financial reporting and internal supervision, management, international financial reporting standards, preventive measures against fraud, etc. - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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